What Does Your Innovation Strategy Look Like?

For any organization, innovation is critical for success. You cannot move into the future without changing – remaining stagnant is far too often a sure way to close your doors – but how do you ensure that innovation is effective? What does your innovation strategy look like? Do you even have one?

Firstly, what is an innovation strategy? It is far more than just ideas percolating in the shower. You need to have a strategic plan in order for innovation to be constructive and valuable in the long run. When ideas exist in a bubble, without a plan or context, implementing them can become quite the challenge. Start with an innovation strategy and the results will speak for themselves.

So what should your strategic plan for innovation look like? When it comes to developing an innovation strategy, here are some things to remember:

– Innovation can be implementing something new or revising something old. Often a strategic plan for innovation involves a new idea, one that attempts to remedy a weakness or to improve a process. This may necessitate the implementation of something completely different – something new. However, if something isn’t working, revision might be the answer, as even a simple tweak to a given process can mean huge gains as far as profit or efficiency.

– Don’t just change for change sake – change for profit. If things seem to be working well in certain areas, change may not make business sense. Furthermore, changing a process that is efficient just to make a change can lead to negative results. Change when it is required, or when an idea presents itself that appears valuable. That being said, innovation needs to be continuous, as those organizations that choose to remain stagnant are often the ones that fail to move forward and as a result get left behind.

– Once you have established a strategic plan for innovation, establish milestones to help measure your success. Employ key performance indicators (KPIs) to determine to what extent your innovation is on track, and successful, and if necessary make changes as dictated by these KPIs.

When you look to the future of your organization, innovation should be a key priority when it comes to growth. A strategic plan for innovation is the best way to achieve a successful change within your company. For more information about the real benefits of an innovation strategy, and for the tools to establish one, please contact Innovators Alliance by calling 1-905-332-0340.